First Option Credit Union unsecured overdraft

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Do you want an unsecured overdraft without paying ongoing account-keeping fees? This one offers access to funds through a Visa debit card or a Redicard.

First Option Credit Union provides an unsecured overdraft facility that comes linked to the Access Saver account, with the balance in your Access account automatically reducing the overdraft amount. You don’t have to pay any application fees or account-keeping fees to open and maintain this overdraft facility.

Access to funds comes in various ways, which include a Redicard or a Visa debit card, and you get multiple options when it comes to making repayments.

Product NameFirst Option CU Unsecured Overdraft
Interest Rate (p.a.)From 13.99% (variable)
Comparison Rate (p.a.)
Interest Rate TypeVariable
Min Loan Amount$500
Loan SecurityUnsecured

A few things to consider

If you’re looking for an overdraft facility to get through times when of cash flow difficulties, taking a look at First Option’s unsecured overdraft makes sense. As with any overdraft, you are free to use funds up to the approved limit for just about any purpose.

The overdraft comes linked to a First Option Access account and a Visa debit card or Redicard, so you get easy access to funds as and when you need them through ATMs, EFTPOS terminals, online banking, and phone banking. You also have a number of options when it comes to making deposits.

Benefits and features:

Various aspects of the First Option Credit Union Unsecured Overdraft facility require your attention, and here’s what you should know:

  • Linked to an access account. This overdraft facility comes with the First Option Access Saver account and comes into effect when there’s no balance in the access account. Funds deposited in the account then work to reduce the overdraft balance.
  • Accessing funds. When you apply, you can choose between getting a Visa debit card and a Redicard, and you get access to the overdraft facility and your account through both. You can also access funds up to your overdraft limit through phone and online banking, cheques, BPAY, First Option branches, Australia Post outlets using Bank@Post, and direct debits.
  • Accessing account information. You can, at any time, go through your account’s transaction details using internet and phone banking, and you also get regular statements with details.
  • Making deposits. You can make deposits using First Option’s phone and internet banking platforms. Other options include payroll deduction, direct credit, mail, Bank@Post, and First Option branches.
  • Low minimum limit. You can apply for an overdraft facility of as little as so you don’t have to worry about not having access to funds.
  • Low fees. This overdraft facility does not attract any application fee, and you don’t have to pay any ongoing monthly or annual fees.

The costs you'll need to pay

First Option Credit Union gives you a clear indication of all associated fees and charges at the onset and you should go through these carefully before you take on the loan. While a number of transactions like direct debits, direct credits, BPAY payments and branch transactions are free, you will have to pay for certain others, such as when you use cheques and non-member ATMs.

What helps is that this overdraft facility tries to keep fees to a minimum, and its regular fee structure looks like this:

  • Application or establishment fee: $0
  • Monthly or annual fee: $0
  • PhoneLink - phone banking: Free
  • Internet and mobile banking: Free

How to apply for the First Option Credit Union Unsecured Overdraft

You can apply for the First Option Credit Union Unsecured Overdraft by visiting your nearest First Option branch, over the phone, or online. As part of the application process, you’ll have to provide a host of information, which includes the following:

  • Personal details like your name and date of birth
  • Your home address and contact information
  • Proof of your income
  • A current statement of all existing debts
  • Evidence of rent you pay or a rates notice if you own property

This overdraft facility by First Option gives you the means to get by cash flow fluctuations with relative ease, but since there are other similar offerings out there, take some time to compare a few.

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